The Liberal Party will oppose Labor’s moves to regulate the media but the government wants a debate on media concentration and a reform package including privacy protections is being prepared for cabinet.

Coalition legal affairs spokesman George Brandis criticised Labor’s push to impose fresh regulation on the media, including blocking any attempt by
News Corp
to expand its influence in Australia by acquiring free-to-air television or radio assets.

But the Coalition is waiting to see the package before deciding whether it would try to wind back any of it in government. “We do not believe there should be more regulation in Australia," Senator Brandis told Sky TV. “This is all about a government that is trying to get square."

Ms Gillard and Communications Minister Stephen Conroy are expected to present cabinet with a package in the next fortnight. It is understood Senator Conroy wants broad reforms but there is some resistance in cabinet.

The package is understood to include new rules preventing News Corp from expanding into free-to-air television and radio; a code of ethics for journalists with, in return, some exemptions under the Privacy Act; a tort of privacy and increased Australian content rules for television.

The details will need to be approved by Labor MPs, who are due to meet on March 12, and many of them are angry with the company over its perceived anti-Labor bias.

“Australians should be able to have a conversation about media concentration," Trade Minister Craig Emerson told Sky News on Tuesday.

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“My key interest is the protection of people from intrusion and reckless reporting and I welcome reports that the government plans to progress a tort of privacy," Labor chief whip Joel Fitzgibbon said.

“On standards, accuracy and ethics, my preference remains a publicly funded, independent regulator but if the media companies win a reprieve while they attempt to prove they can better behave themselves through self-regulation then I can live with that."

“News is opposed to the imposition of additional tests for media ownership, not least because massive increases in media diversity, and the extensive pro-competition and pro-diversity powers held by the ACCC and ACMA, render them entirely unnecessary," the company said.

“Furthermore, as has been demonstrated overseas, such tests are subjective, vague and imprecise, difficult to interpret and wide open to political interference."